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C <br />FE <br />89- 100034 <br />The Mortgagor to order more fully to protect the security of <br />thin Mortgage, agrees: <br />1. That he will pay the indebtedness, as hereinbefore provided <br />Privilege is reserved to pay the debt in whole or in part on any <br />installment due date. <br />2. That, toget!ber with, and in addition to, the monthly <br />payments of prindpat and interest payable under the terns of the <br />mate secured hereby, the Mortgagor will pay to the Mortgagee, <br />on the first day of each month until the said note is fully paid, <br />the followvxg sums: <br />(a) Amauut sufficien% to provide the holder hereof with funds <br />to pay the next mortgage insurance premium, if this instrument <br />and the note secured hereby are insured, or a monthly charge (in <br />Heu of a mortgage insurance premium) if they are held by the <br />Secretary of Housing and Urban Development. as follows: <br />(1) i1f• and so long as said note of even date and this in- <br />strument are insured or are reinsured under the provisions of the <br />National Housing Act, an amount sufficient to accumulate in the <br />hands of the holder one (1) month prior to its due date the an- <br />nual mortgage insurance premium in order to provide such holder <br />with funds to pay such premium to the Secretary of Housing and <br />Urban Development pursuant to the rational Housing Act, as ' <br />amended. and applicable Regulations thereunder; or <br />(11) If and so long as said note of even date and this in- <br />strument are held by the Secretary of Housing and Urban <br />Development, a monthly charge (in lieu of a mortgage insurance <br />premium),which shall be in an amount equal to one - twelfth <br />(1/12) of one-half (1/2) per centum of the average outstanding <br />balance due on the note computed without taidag iniv avwuni <br />delinquencies or prepayments; <br />(b) A sum equal to the ground rents. if any, next due, plus the <br />premiums that will next become due and payable on policies of. <br />fire and other hazard -insurance covering the mortgaged property, <br />plus taxes and assessments next due on the mortgaged property <br />(aU as estimated by the Mortgagee) less all sums already paid <br />therefor divided by the number of months to elapse before one <br />(1) month prior to the date when such ground rents, premiums. . <br />taxes anti assessments will become delinquent, such sums to be <br />held by Mortgagee in trust to pay said ground rents, premimis, <br />taxes and special assessments; and <br />(c) AR- payments mentioned in the two preceding subsections : <br />of this paragraph and all payments to be made under the none <br />secured hereby shall be added together, and the aggregate ar*amt <br />thereof shall be paid by the Mortgagor each month in a sing:e <br />payment to be applied by the Mortgagee to the following items in <br />the order set forth: <br />(1) premium charges under the contract of insurance with <br />the Secretary of Housing and Urban Development, or monthly <br />charge (in Bcu of mortgage insurance premium), as the case may <br />be; <br />0.4 ground rents. taxes, assessments, fire and other hazard <br />Lw arses premiums; <br />1311)' interest on the note secnred.hereby; <br />(IV) amortization of the principal of said note; and <br />(V) late charges. <br />Any deficiency in the amount of such aggregate monthly pay- <br />ment shall, unless made good by the Mortgagor prior to the due <br />date of the next such payment, constitute an event of default <br />under this mortgage. The Mortgagee may collect a "late charge" <br />not to exceed four cents (4t:) for each dollar (Sl) of each pay- <br />ment more than fifteen (1S) days in arrears to cover the extra ex- <br />pense involved in handling delinquent payments. <br />3. That if the total of the payments made by the Mortgagor <br />under (b) of paragraph 2 preceding shall exceed the amount of <br />payments actually made by the Mortgagee for ground rents, taxes <br />and assessments or insurance premiums. as the case may be. such <br />excess, if the loan is current. at the option of the Mortgagor. <br />shall be credited by the Mortgagee on subsequent payments to be <br />made by the Mortgagor, or refunded to the Mortgagor. If. <br />however, the monthly payments made by the Mortgagor under <br />(b) of paragraph 2 preceding shall not be sufficient to pay <br />ground rents, taxes and assessments or insurance premiums. as <br />the case may be, when the same shall become due and payable, <br />then the Mortgagor shall pay to the Mortgagee any ameent <br />necessary to make up the deficiency, on or before the date when <br />payment of such ground rents, taxes, assessments, or insurance <br />premiums shall be due. If at any time the Mortgagor shall tender <br />to the Mortgagee, in accordance with the provisions of the note <br />secured hereby, full payment of the entire indebtedness <br />represented thereby, the Mortgagee shall. 'in computing the <br />amount of such indebtedness. credit to the account of the Mort- <br />gagor all payments made under the provisions of (a) paragraph 2 <br />hereof which the Mongagee has not become obligated to pay to <br />the Secretary of Housing and Urban Development and any <br />balance remaining in the funds accumulated under the provisions <br />of (b) of paragraph 2 hereof. If there shaD be a default under <br />any of the provisions of this mortgage resulting in a public sale <br />of the premises covered hereby. or if the Mbrtgagee acquires the <br />property otherwise after default, the Mortgagee shall apply, at <br />the time of the commencement of such proceedings, or at the <br />time the property is otherwise acquired. the balance then remain- <br />ing in the funds accumulated under, (b) of paragraph 2 preceding, <br />as a credit against the amount-of principal then remaining unpaid <br />under said note, and shall properly adjust any payments which <br />shall have been•made under (a) of paragraph 2. <br />4- That the Mortgagor will pay ground rents, taxes, <br />assessments. water rates, and other governmental or municEpal <br />charges. fines. or impositions, for which provision has nq: roeen <br />made hereinbefore. and in default thereof the Mortgagee may <br />pay the same; and that the Mortgagor will promptly deliver the <br />official receipts therefor to the Mortgagee. <br />S. The Mortgagor will pay all taxes which may be levfat upon <br />the Mortgagee's interest in said real estate and improvem=Ts, <br />and which may be levied upon this mortgage or the debt secured <br />hereby (but only to the extent that such is not prohibited by law <br />and only to the extent that such will not make this loan <br />usurious). but excluding any i*cx me tax, State or Federal, im- <br />posed on Mortgagee, and will fle the official receipt showing <br />such payment with the Mortgagee. Upon violation of this under- <br />taking, or if the Mortgagor is prohibited by any law now or <br />hereafter existing from paying the whole or any portion of the <br />aforesaid taxes, or upon the rendering of any court decree pro- <br />hibiting the payment by the Mortgagor of any such taxes, or if <br />such law or decree provides that any amount so paid by the <br />Mortgagor shall be credited on the mortgage debt, the Mortgagee <br />shall have the right to give ninety days' *T.=* = notice to the <br />owner of the mortgaged premises, requiring rim payment of the <br />mortgage debt. If such notice be given, the said debt shall <br />become due, payable and collectible at the expiration of said <br />ninety days. <br />6. That should the Mortgagor fail to pay any 'sum or keep any <br />covenant provided for in this r- fix- tgage, thm the Mortgagee, at <br />its option, may pay or perform: the same, and all expenditures so <br />Ws <br />Page 2 <br />r .� <br />' 4 <br />.rte <br />i i; yr <br />N <br />�w1 <br />tD� <br />r' <br />r. <br />I <br />